Ritter: ConocoPhillips is mystery StorageTek buyer

02/20/08 by
WK Real Estate

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ConocoPhillips is the mystery buyer of the 432-acre former Storage Technology campus in Louisville.
The Houston-based oil and gas company plans to build a new world training center and world technology center on the site, not to move its headquarters there.
Tom Clark, executive vice president of the Metro Denver Economic Development Corp., said the site will open by 2012.
ConocoPhillips bought the property last month from Sun Microsystems for $58.5 million, but the buyer remained a mystery until today. Sun acquired the campus when it bought out StorageTek in 2005 for $4.1 billion.
The campus is mostly vacant. Most of the workers at the former StorageTek site have been relocated and integrated into Sun's operations across U.S. 36 in Interlocken.
ConocoPhillips is the third-biggest oil and gas company in the U.S. after ExxonMobil and Chevron. The company explores for oil and gas in more than 30 countries and has estimated proved reserves of 11.5 billion barrels of oil equivalent, excluding its Canadian oil sands investment.
ConocoPhillips perhaps is best-known to consumers through its more than 10,000 Conoco, Phillips 66 and 76 gas stations. The company has six operating segments, which include fuels technology, gas gathering, chemicals and power generation.
The company traces its beginnings to 1875, when Conoco founder Isaac Blake came to Ogden, Utah, and founded Continental Oil & Transportation.
The company is a primary supplier of gas and diesel in the state, and the company works with Colorado State University to develop renewable energy resources.
Gov. Bill Ritter made the announcement today.
[Provided by Daily Camera]
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